The First Capital Bank Zimbabwe has signed a €12.5 million credit facility with the European Investment Bank (EIB).

The money will be given as loans to FCB customers in sectors such as agriculture, manufacturing and healthcare.

FCB Commercial Director Mutemwa Ushewokunze confirmed the development adding that there are of businesses that will benefit from funding.

FCB has screened potential investment SMEs and has identified firms in all corners of the economy including Fishery, Pharma, Irrigation among others to benefit from the deal.

The bank says the EIB €12.5m 7-year facility will go a long way in helping Zimbabwean firms.

Meanwhile, in 2021, EIB announced a €15m facility with CABS, its first deal in Zimbabwe in 22 years.

Jim Hodges, EIB’s Regional Representative for Southern Africa & Indian Ocean, confirmed the recent development.